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Nupur Recyclers Limited

NRL.NS
53
Waste Management · Industrials
Price
₹122.41
+2.40 (+2.00%)
Market Cap
₹8.45B
Exchange
National Stock Exchange of India
Winston Score
53
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 25, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Exceptional
Cash Flow
Good
Stability
Strong
Valuation
Weak

Share count rising — dilution

+22.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 56.2M (2022) → 69.0M (2026)

Winston Score History

The full picture

Nupur Recyclers Limited, established in 2019 and headquartered in Delhi, India, is a metal scrap processing and recycling specialist. The company engages in the global procurement, processing, and trading of both ferrous and non-ferrous metal waste, with activities extending across India and internationally. Its import portfolio specifically includes various grades such as shredded zinc, zinc die-cast, Zurik stainless steel, and aluminium zorba. In addition to its core recycling operations, Nupur Recyclers Limited also participates in manufacturing and broader trading activities.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+55.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+80.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Position

Cash flow positive

₹245M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Nupur Recyclers Limited grew revenue 56% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
13.6%
Thin — 13.6% gross margin
Profit after running costs
Operating Margin
9.2%
Modest — 9.2% operating margin
Return on the money invested
ROCE
10.1%
Below par — 10.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+40.7%
Fast-growing sales (+40.7% YoY)
Profit growth
EPS YoY
+25.9%
Earnings growing fast (+25.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
107%
Turns 107% of profit into real cash
Spare cash per sale
FCF Margin
4.8%
Thin free cash flow (4.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.25
Conservative — low debt load (0.25)
Covers its interest
Interest Cover
5.18x
Adequate interest coverage (5.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
49.4x
Expensive — P/E 49.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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